During his visit to North Korea, Russian leader Vladimir Putin criticized the sanctions policies imposed by the U.S. and its Western allies, referring to them as “imperialistic.” This stance could potentially lead to cooperation between Russia and North Korea in creating an alternative financial system and exploring cryptocurrency options. Putin’s call for the development of alternative trade and settlement mechanisms, not under Western control, was highlighted in a letter published in North Korea’s Rodong Sinmun newspaper.
Putin’s statements suggest a move towards breaking free from the constraints of the current global financial system. This could involve exploring alternatives to the SWIFT payment system and other financial mechanisms that are currently dominated by Western powers. The rhetoric from Putin during his visit to North Korea indicates a willingness to collaborate and potentially establish a parallel economy that operates outside of Western influence.
However, despite the potential for cooperation between Russia and North Korea on financial matters, experts believe that the benefits for North Korea are limited. The isolation of North Korea due to sanctions imposed by the international community complicates its ability to fully engage in such initiatives. While the idea of cooperation between the two nations on financial matters is intriguing, the practical implications for North Korea may not yield significant results due to its existing economic challenges and international isolation.
